Real estate rant..... ************!

[THREEJAYS]

What area? We’re looking to move

He will be fairly near Breman. He has some friends there and still only about 30 minutes away

 

[Buckeye Mike]

The house will be worth more than $50k over cost , it will be more like $100k

But the builder will drag their feet completing it hoping they will drop out of the contract so they can Jack the price .
It won’t be completed anywhere near when the builder is telling them .

Most builders have a contingency in their contracts that allow them to cancel it for any or no reason. It’s really not a “contract”. Most builders won’t do it because of their reputation. One of my builders ate a 6 figure loss on a house 18 months ago when prices started going through the roof. He priced it out 3 months earlier. He has another contingency in his to demand 10% of the selling price to cover price hikes. He didn’t even ask for that because he doesn’t want a black eye on his reputation.

 

[lostchild]

Looks like things are cooling off. Seen quite a few properties reduced, and the house across the street listed for about 80k below what we thought it’d go for. Been on the market for almost a week with no offers.

Now been 3 weeks, no offers, only a few tire kickers.
They just dropped ask another $30k.
Seeing a lot of price reductions with slowing sales locally.
Think unca Joe’s economy got folks staying put.

 

[Cruisers460]

Hope the market stays up a little longer. Trying to get my house in Griffin on the market!!

 

[Control for Smilers]

Hope the market stays up a little longer. Trying to get my house in Griffin on the market!!

I am waiting for people in my hood to get foreclosed on...so I can buy their houses and be a slum lord. always wanted to be slum lord.

 

[RandomUsername69]

I've been attempting a relocation for the last 6 months. I assumed at the time the RE market had peaked. WRONG! It's gotten steadily worse.
Real kick in the gut this week. Put another offer in on a home. NOTHING like what we initially said we wanted (home on acreage in the boonies) but at this point, I'm just tired of it all and want to get there and get it done.
So we offered, all cash, $16k ABOVE asking, NO inspection/option period or inspection contingency, free leaseback, etc... etc.... I couldn't believe I was actually doing that but here is the stats from the listing agent.
We ended up with 35 showings and 17 offers in 3 days.
The lowest offer we received was $11k above asking.
11 offers were $xxx,xxx ($55k above asking) or more.
8 offers were cash.
Only 3 offers included a home warranty
The highest option fees were $500
Only 1 offer had a 10 day option period, the rest were 3-7 days.
4 offers waived the option period
10 offers included buyer paying title policy (expensive there)
all 17 offers included buyer paying for survey
4 offers had full appraisal waiver
3 offers had partial appraisal waiver
2 offers had no appraisal waiver.

Stuff I passed on 6 months ago because I thought it was too expensive is now another $100k. Insanity doesn't begin to describe it.

Because in the past six months you know what has happened? Corporations have been buying up homes left and right. How many of those 17 offers you think were actually families and not some asshole from some company butt ****ing our housing market down here.

 

[Control for Smilers]

Because in the past six months you know what has happened? Corporations have been buying up homes left and right. How many of those 17 offers you think were actually families and not some asshole from some company butt ****ing our housing market down here.

almost every home sold in my hood has been a ****boi corp.

 

[RandomUsername69]

I know a young couple that got "outbid" by someone offering $50K over list price. It's crazy....

Where does it end? Will the average (modest) house be worth $2.98 million in another year or so?

It can't go on this way. At some point higher interest rates will cut people out of the market - since they can't afford homes anymore. The couple above had their expected payment increase by $300 per month, as interest rates quickly rose.

Lots of people learning that list price doesn't indicate market price.

Low interest rates = higher purchasing ability. Building costs are through the roof driving the demand for established homes through the roof.

It isn't hard to come into a house with an all cash offer, and it's pretty standard nowadays with programs like what orchard offers.

What does orchard offer? And who are they?

 

[ReservoirDawg10]

What does orchard offer? And who are they?

Depends. And Google is your friend

 

[Control for Smilers]

Flippers are a substantial segment of home buyers and most (flippers) have money and lifestyle that affords them to vacation out of town June-July-August when their kids are out of school.

Regular home buyers go on vacations as well, and even if not.. their kids on summer vacation put extra strain and demands on the parents, making home buying-investing 2nd fiddle.

Lets see what the market is like September thru Thanksgiving before jumping to conclusions.

in my neighborhood a flipping company buys the house, rubs crap on it....an investment company buys it from them for 30% more and rents it...for 3x what I pay for my mortgage...1 out of 10 homes sold in my neighborhood are purchased by a family.

want to move, but 2-3x interest rates...lot of extra mortgage. gonna try to pay it off in 6 years and goto Rabun county or near...gotta get out of the metro.